Overview
Chart #1 - Injective (INJUSDT) Daily
Chart #2 - DogWifHat (WIFUSDT) Daily
Previous Weekโs Trade - Kyber Network (KNCUSDT)
Banterโs Take on the markets
Chart #1 - Injective (INJUSDT) Daily
Chartist: Kapoor
(For the chart screenshot, click here.)
This is one of the few charts which follow the price action theory in a disciplined manner. Always respecting the ranges and building defined boundaries to trade. Massive candle today (+18%) on the news of new INJ tokenomics (details not out yet).
What is the full thesis?
Breakout of the ugly looking inverse head & shoulder or if you wanna call it a range.
Now in the massive 52% range from end to end and looks like it is forming a bullish Marubozu candle.
SMA200 is the thing to notice as the price has literally bumped it. This will be a major test.
Entry: $30.5
Take Profit (TP):
TP1: $38
TP2: $43
Stop Loss: $25
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Chart #2 - Dogwifhat (WIFUSDT) Daily
Chartist: Kapoor
(For the chart screenshot, click here.)
It has tested this $2.50 level numerous times and held
$2.50 is quite a psycological level, quite round and hence why it has held before
Not taking leverage in these conditions too risky
Going spot on this one with a 11% stop loss
Only playing it to top of range if we get it, around $3.50
Entry: $2.5
Take Profit (TP):
TP1: $3
TP2: $3.5
Stop Loss: $2.2
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Previous Weekโs Trade - Kyber Network (KNCUSDT)
Ran gave KNCโs trade on Front Runners at $0.69. This was not a technical trade and currently has been doing pretty good as it is up more than 16% in spot.
KNC was running while the whole market was going down last week and is still showing strength in the markets. These are the type of trades wetake at Front Runners.
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Banterโs Take
CPI numbers came lower than expected. When it comes to the FOMC, Powell was quite dovish. The rates remained unchanged and the forecast is only 1 rate cut this year. However, the dot plot is quite hawkish, showing just 1 or maybe 2 interest rate cuts in 2024, down from 3 in March.
In such market conditions, we should focus on the relative strength. Below are the tokens that were showing relative strength during yesterdayโs pump:
$IO
$AR
$PYR
$CRV
$ATH
$INJ
$KNC
Stay safe my friends!
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